9200 South Hills Blvd
Don't fall into these top 3 traps with your retirement investment! Talk with one of our experts today for more information!
Do you have a plan for retirement?
Do you know how much you will need for retirement? When should you start withdrawing from your retirement?
Don't forget the TAX! When withdrawing from your retirement you need to plan on how you will pay for the tax on those withdrawals.
We specialize in helping people plan for the retirement they want! If you are interested in learning more about IRAs and 401k's, our team is here to help!
Call 216-284-5219 for a no cost consultation
As odd as it sounds, waiting too long to start drawing from those accounts. Many people who are early in their retirement are hesitant to start withdrawing from their retirement savings. It is important to remember that you saved this money so that you could use it.
One of the consequences of waiting too long is increasing your required minimum distribution (RMD.) This means that when you finally do decide to withdraw, you're going to have to take more out at once, which can sometimes result in a higher tax bill, or also it can impact things like your Medicare costs based on what you're planning for that year.
The second biggest mistake we see is if you're going to draw income from a portfolio without a specific plan. Without considering from where you are withdrawing your money, you could be drawing from risk assets that can fluctuate and go up and down at a time not opportune. This essentially means that you could be losing money by withdrawing from the wrong account at the wrong time.
Not considering the tax ramifications goes hand in hand with not having a plan. Even if you're not taking too much, or if you are not concerned with running out- where you draw income from inside of your portfolio can make a big difference. This is because of the taxation of either the specific investment or the account, whether it's a traditional or Roth account, the tax-deferred account, etc. You have a big impact on what you're paying as far as taxes.
Overall, your goal is to use the money you worked so hard to save wisely. You want to be as efficient as possible so that you do not run out of savings.
Before investing, consider the investment objectives, risks, charges, and expenses of the annuity and its investment options. Contact Vantage Financial Group for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.
*Guarantees apply to certain insurance and annuity products and are subject to product terms, exclusions and limitations and the insurer's claims paying ability and financial strength.
1. If you are buying a variable annuity to fund a qualified retirement plan or IRA, you should do so for the variable annuity's features and benefits other than tax deferral. In such cases, tax deferral is not an additional benefit.
2. Investing in a variable annuity involves risk of loss - investment returns and contract value are not guaranteed and will fluctuate.
3. Deferred Income Annuity contracts are irrevocable, have no cash surrender value and no withdrawals are permitted prior to the income start date.